Award of Doc4769714345 to Royal Bank of Canada for Banking Services for the City of Toronto

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The decision

2025-05-21 · Toronto City Council · adopted

As filed

City Council on May 21 and 22, 2025, adopted the following: 1. City Council, in accordance with Section 195-8.5 of Toronto Municipal Code Chapter 195, Procurement, authorize the Controller and Chief Accountant to award and enter into an agreement with the Royal Bank of Canada, being the highest scoring supplier meeting the City's requirements of Negotiated Request for Proposal Doc4769714345, to provide banking services to the City of Toronto, for an initial five-year term of the contract covering the period July 1, 2025, to June 30, 2030, in the amount of $10,882,907.87 (net of all applicable taxes and charges) and $11,074,447.04 (net of Harmonized Sales Tax recoveries).

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2. City Council authorize the Chief Financial Officer and Treasurer to exercise the options to renew for two (2) additional five (5) year terms, subject to the funds being available through budget approval and services performed to the satisfaction of the Chief Financial Officer and Treasurer, in the amount of $10,882,907.87 (net of all applicable taxes and charges) and $11,074,447.04 (net of Harmonized Sales Tax recoveries) for each five (5) year extension term. If all options to renew are exercised the total value for three (3) terms is $32,648,723.61 (net of Harmonized Sales Tax recoveries) and $33,223,341.14 (net of Harmonized Sales Tax recoveries).

On the agenda

As the city filed it

The purpose of this report is to advise on the results of Negotiated Request for Proposal Doc4769714345 for the supply of general banking services, and to request authority to enter into an agreement with the Royal Bank of Canada, the highest scoring supplier meeting the City's requirements included in the scope of work. The contract has an initial five (5) year term commencing July 1, 2025, to June 30, 2030, with options for the City to extend the agreement for two (2) additional five (5) year periods.

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The initial five (5) year contract is valued at $10,882,907.87 (net of all applicable taxes and charges) and $11,074,447.04 (net of Harmonized Sales Tax recoveries), and the total potential contract value, if all options are exercised, is $32,648,723.60 (net of all applicable taxes and charges) and $33,223,341.14 (net of Harmonized Sales Tax recoveries).

Staff recommended

The Controller and Chief Accountant, and Chief Procurement Officer recommend that: 1. City Council, in accordance with Section 195-8.5 of Toronto Municipal Code Chapter 195 (Purchasing By-Law), grants authority to the Controller and Chief Accountant to award and enter into an agreement with the Royal Bank of Canada, being the highest scoring supplier meeting the City's requirements of Negotiated Request for Proposal Doc4769714345, to provide banking services to the City of Toronto, for an initial five-year term of the contract covering the period July 1, 2025 to June 30, 2030 in the amount of $10,882,907.87 (net of all applicable taxes and charges) and $11,074,447.04 (net of Harmonized Sales Tax recoveries).

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2. Authority be delegated to the Chief Financial Officer and Treasurer to exercise the options to renew for two (2) additional five (5) year terms, subject to the funds being available through budget approval and services performed to the satisfaction of the Chief Financial Officer and Treasurer, in the amount of $10,882,907.87 (net of all applicable taxes and charges) and $11,074,447.04 (net of Harmonized Sales Tax recoveries) for each five (5) year extension term. If all options to renew are exercised the total value for three (3) terms is $32,648,723.61 (net of Harmonized Sales Tax recoveries) and $33,223,341.14 (net of Harmonized Sales Tax recoveries).

Considered

2025-05-12 · General Government Committee · adopted
Decision as filed
The General Government Committee recommends that: 1. City Council, in accordance with Section 195-8.5 of Toronto Municipal Code Chapter 195 (Purchasing By-Law), grants authority to the Controller and Chief Accountant to award and enter into an agreement with the Royal Bank of Canada, being the highest scoring supplier meeting the City's requirements of Negotiated Request for Proposal Doc4769714345, to provide banking services to the City of Toronto, for an initial five-year term of the contract covering the period July 1, 2025 to June 30, 2030 in the amount of $10,882,907.87 (net of all applicable taxes and charges) and $11,074,447.04 (net of Harmonized Sales Tax recoveries).
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2. City Council authorize the Chief Financial Officer and Treasurer to exercise the options to renew for two (2) additional five (5) year terms, subject to the funds being available through budget approval and services performed to the satisfaction of the Chief Financial Officer and Treasurer, in the amount of $10,882,907.87 (net of all applicable taxes and charges) and $11,074,447.04 (net of Harmonized Sales Tax recoveries) for each five (5) year extension term. If all options to renew are exercised the total value for three (3) terms is $32,648,723.61 (net of Harmonized Sales Tax recoveries) and $33,223,341.14 (net of Harmonized Sales Tax recoveries).
2025-05-21 · Toronto City Council · adopted

On the record

The item as the City filed it

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